The Future of Innovation
The New Rules for
Entrepreneurs and Investors
Bill Reichert
Managing Director
Garage Technology Ventures
So, What Does the Future Hold?
“The future ain’t what it used to be!”
-- Yogi Berra
The Engine of Progress
“The reasonable man adapts himself to
the world; the unreasonable one persists
in trying to adapt the world to himself.
Therefore, all progress depends on the
unreasonable man.”
-- George Bernard Shaw
Future of the Innovation
Top Ten Rules
for Entrepreneurs and Investors
in the New Future
1. Fundamental Objective
Old Rule:
Create wealth
New Rule:
Create value
2. Getting Started
Old Rule:
Brilliant founder
New Rule:
Brilliant team
The Brilliant Team . . .
A Parable:
The Optimist, the Pessimist,
and the Engineer
3. Sharing the Vision
Old Rule:
Craft a Mission Statement
New Rule:
Create a Mantra
Mission Statements …
“The mission of {???} is to deliver superior
quality products and services for our customers
and communities through leadership,
innovation, and partnerships.”
Mission Statements …
“We exist to professionally build long-term
high-impact sources so that we may
endeavor to synergistically leverage
existing effective deliverables to stay
competitive in tomorrow’s world.”
-- Dilbert Mission Statement Generator
4. Management Style
Old Rule:
Plan the work, work the plan
New Rule:
Get going!
5. Business Model
Old Rule:
Raise venture capital
New Rule:
Bootstrap
6. Foundation of Innovation
Old Rule:
Good old Kiwi ingenuity
New Rule:
Good new Global know-how
7. Competitive Advantage
Old Rule:
First mover advantage
New Rule:
Fast adaptor advantage
8. Marketing Strategy
Old Rule:
Build it and they will come
New Rule:
Everyone sells
9. Pace of Change
Old Rule:
The pace of change is
accelerating
New Rule:
Change takes time
Pace of Change . . .
Progress is slower than we think:
Software
Bandwidth
Energy
Medicine
Transportation
Television.
10. Source of Innovation
Old Rule:
Technology drives innovation
New Rule:
People trump technology
Top Ten New Rules
1. Create value
2. Build a team
3. Develop a mantra
4. Get going
5. Learn to bootstrap
6. Go global day one
7. Be a fast adaptor
8. Make sure everyone sells
9. Be realistic about pace of adoption
10. People trump technology
The Future of Innovation
For questions, comments, or slides:
reichert@garage.com
Resources:
Garage website: www.garage.com
Art of the Start, the classic book
Reality Check, the new book
The Future of Innovation
The New Rules for
Entrepreneurs and Investors
Bill Reichert
Managing Director
Garage Technology Ventures